You might want to have a conversation with them to remind them of the lease terms and express your concerns about the hookah smoking in the apartment.

However, I seems like you’re more concerned about getting some VALUE from this, like any investment.First attorney I consulted with (over 40 years ago) wasted my time and money and taught me nothing except that he was ignorant about topics I wanted answers to. 

My concern is with the tenant already signed their lease the timeline is tight.

Heather Fruge-Nickens worked tirelessly to rip Us off concerning our security deposit.

As I prepare to use an FHA loan for my first multifamily investment, I've become concerned about the extensive repairs that can accompany purchasing an older model.

My concerns is how should I handle and dealth with the temants when they become very demanding in terms of fix/repair things. 

There's a limit to how much repairs can cost vs. a complete raze and re-build(will check current regulations to see what they are).My only concern are the liens and the problems inside.

However, the property I'm looking at is larger than other houses, and to make it a viable investment, I'd need to rent it out for about $2,600 per month.My concern is that anyone renting this property could instead take out a mortgage on the same house, with monthly payments exceeding $2,000.

I always, ALWAYS go financial first, replacement second, and if IF there is not a really good concurrence there than I add in comparable solds because in commercial there is rarely an accurate comparable sold far as "like kind" is concerned.     

We really are breaking even as far as cash flow is concerned but would also be in a fine financial situation if we rented it back out and would just lose a month of rent.My wife and I both work W2 jobs and manage our rental properties ourselves.